Foreign
Will ‘War Profiteer’ Norway Come To Ukraine’s Financial Rescue?
Norway has grown vastly richer after overtaking Russia as Europe’s main gas supplier following the invasion of Ukraine, sparking calls in Oslo for the Scandinavian nation to use its colossal sovereign wealth fund to help Kyiv.
With some in Norway saying their country’s windfall makes it a “war profiteer”, several Norwegian political parties, including allies of the Labour government, are pushing for Oslo to help lift a main obstacle blocking Europe from using frozen Russian assets to help Ukraine financially.
Western nations have frozen billions in Russian assets over Moscow’s 2022 invasion of Ukraine, including approximately 210 billion euros ($243 billion) held in Europe.
Ukraine’s European allies have been using interest from those funds to support Kyiv but are keen to go further by tapping the funds themselves — a proposal some warn carries huge risks, including spooking other foreign nations into pulling their money from the European Union.
That is where Norway comes in. “It is absolutely essential for Europe’s security that Russia does not win its illegal war of aggression,” the head of Norway’s small opposition Liberal Party, Guri Melby, told AFP.
“Norway has the financial means to guarantee a loan that would enable Ukraine to better defend itself against Russia, and I think we should do it,” she said.
The plan goes like this. At a time when many EU member states have strained public finances, the European Commission plans to use part of the frozen Russian assets to give Ukraine a 140-billion-euro loan, interest free, to finance its budgetary and military support over the next two years.
But Belgium, home to the international deposit organization Euroclear, which holds the bulk of the frozen assets, has demanded strict guarantees from other EU countries in order to share the risks in the event, for example, that Russia were to regain possession of its assets.
Some heavily indebted countries, such as France, would have a hard time agreeing to such a demand.
Arguing that Norway, Western Europe’s biggest oil and gas producer, made an extra 109 billion euros from soaring gas prices after Russia’s invasion, two Norwegian economists have suggested their country should step up even though it is not an EU member.
“By hoarding these profits, Norway’s government turned the country into a war profiteer,” the duo, Havard Halland and Knut Anton Mork, wrote in an op-ed last month.
Thanks to its AAA credit rating — the highest awarded by rating agencies — and its sovereign wealth fund, the world’s biggest, valued at around $2.1 trillion, Norway “could singlehandedly take on the contingent liability associated with fresh Ukrainian debt, and without a dent to its credit rating”, they said.
The idea resonated with some European political leaders.
“That would be great,” said Danish Prime Minister Mette Frederiksen during an EU summit in Copenhagen last month.
Norway’s government, which has already earmarked civil and military aid of more than 275 billion kroner ($27.4 billion) to Kyiv over the 2023-2030 period, is proceeding cautiously.
“We are closely monitoring the situation and continuing our dialogue with the European Union,” said finance ministry state secretary Ellen Reitan.
According to AFP’s sources, Norway is in talks with Brussels but has no current plans to provide a single-handed safety net to Kyiv.
Norway’s Greens Party is considering making the issue one of its demands in upcoming budget negotiations with the government, which needs the Greens’ support, among others, to pass its 2026 budget bill.
“Norway is the only country in Europe that has so much money set aside and can allocate such a sum without needing to take on debt or raise taxes,” Greens leader Arild Hermstad told AFP. “And besides, we have made so much money as a result of this war that it is simply a moral obligation.”
Foreign
Nigeria killings: US Officials Prepare High-Level Briefing For Trump
The United States congressional delegation, led by Congressman Riley Moore has concluded its fact-finding mission to Nigeria over alleged genocide and is expected to brief President Donald Trump before the end of the month.
The delegation, made up of five members of Congress, arrived in the country on Sunday and visited Internally Displaced Persons, survivors of terrorist attacks, Christian communities, Christian leaders and traditional rulers, particularly in Benue State.
They also held a meeting with the National Security Adviser, Nuhu Ribadu, and the Attorney General of the Federation, Lateef Fagbemi (SAN).
Featuring on a Fox News programme anchored by Harris Faulkner on Thursday, Moore said the team heard harrowing accounts of killings allegedly carried out by Fulani and Islamic extremists, describing the experience as the most disturbing of his career.
“It was really shocking — the stories we heard, the imagery. I have never witnessed anything like that in my life,” he said. “I met one woman who lost her entire family. Five of her children were murdered right in front of her while she was pregnant. She escaped and delivered her baby in an IDP camp. You can see that her soul has literally left her body. There are countless stories like these.”
He also narrated another case of a woman who lost her husband, two daughters, and her unborn child during an attack, saying the pattern of violence suggested that Christian communities were deliberately targeted.
Moore said the delegation travelled across Benue State in armoured vehicles due to security risks, adding that they met Catholic and Protestant leaders, bishops and community heads to obtain what he called “ground truth”.
“This is a fact finding mission. Benue is one of the most dangerous states in Nigeria. This is where the majority of Christians are being murdered for their faith in our Lord and Saviour Jesus Christ. But I felt we had to go,” he said.
According to him, IDP camps were not spared by attackers, raising questions about claims that the violence was driven by climate pressures or land disputes.
“For those who say this is about climate change or economics, why would you burn down a church? Why would you attack an IDP camp screaming ‘Allahu Akbar’? It is very clear what the answer is,” he said. “They are trying to erase Christians in Benue State and across Nigeria from their ancestral homeland.”
Moore confirmed that President Trump tasked him and House Appropriations Chairman, Tom Cole, to compile a full report on the situation.
“We will report back to the President and make recommendations. He has asked myself and Chairman Tom Cole to give him a report, and we are going to do that by the end of this month,” he added.
Trump had late October designated Nigeria a ‘Country of Particular Concern’ over alleged Christian genocide, a position the Federal Government has countered, insisting that Nigeria’s security crisis has no religious colouration.
Foreign
Nigeria, Saudi Arabia Sign New Security Cooperation Agreement
Nigeria and Saudi Arabia on Wednesday signed a new security cooperation agreement aimed at strengthening collaboration in military operations, training, intelligence sharing, and joint activities.
The Minister of State for Defence, Bello Matawalle, signed on behalf of Nigeria, while Dr. Khaled H. Al-Biyari represented Saudi Arabia.
Matawalle described the agreement as “an important step that will further enhance security operations in Nigeria.”
The pact comes at a time when Nigeria is grappling with student abductions, bandit attacks, and threats posed by Boko Haram and ISWAP in the North.
The agreement will run for five years before review, and either country may withdraw after giving a three-month notice.
Security experts, including Dr. Riyauddeen Zubairu Maitama, say the partnership could significantly boost counterterrorism efforts, stating that Saudi Arabia is among the countries making major contributions in that field”.
Foreign
ECOWAS Must Enforce Zero Tolerance For Coups, Says Sierra Leone’s Foreign Minister
The Sierra Leone’s Minister of Foreign Affairs and Chairman, ECOWAS Council of Ministers, Mr Timothy Kabba, has called for zero-threat tolerance against unconstitutional change of government among the member states.
Kabba made this known during the opening ceremony of the 95th Ordinary Session of the ECOWAS Council of Ministers that started from Wednesday, December 10, to Friday, December 12 in Abuja.
This, according to him, is against the backdrop of the recent military incursions, humanitarian crises, and emergency declarations in several member states.
Kabba said, “We must remain united, vigilant, and decisive in upholding a zero-threat stance of ECOWAS against unconstitutional changes of government.
“Our commitment must translate into timely reactions, measured responses, and strengthening preventive mechanisms.
“We will continue to be committed to constructive engagement with Member States that are presently in transition.
“Our objective is not to isolate the state, but to foster a credible, inclusive, and time-bound return to democratic governance.
“We will speak with a unified voice, guided by our protocol on democracy and good governance, to ensure the swift restoration of constitutional order and the preservation of our regional principles without compromise.”
He urged the participants to approach the 95th Ordinary Session with renewed dedication, optimism, and a spirit of cooperation and determination to achieve the desired goals.
He decried the security and governance challenges confronting the sub-region, saying that there should be a collective determination to safeguard peace, protect democratic institutions, and ensure that the aspirations of citizens for stability and development are not derailed.
He revealed that the council plans to, over the course of the meeting, examine memoranda and comprehensive reports, to gain an in-depth understanding of the community’s current state and identify areas for enhancement.
In his goodwill message, the President of ECOWAS Commission, Dr Omar Touray, urged the ministers to examine the various memoranda that required their collective decision and full consideration.
He said that such included an annual work programme, budget of the community institutions, financial situation of the community, status of implementation of the community levy protocol, report of the Monitoring General of ECOWAS Institution, and the Audit Committee.
Touray said, “We will be presenting for information, memoranda on the status of implementation of the ECOWAS Trade Liberalisation Scheme (ETLS), including the work of the Task Force on the scheme, and memoranda on the ECOWAS Single Currency.
“The council will also be briefed on the financial situation of the West African Power Group, our flagship regional electricity market platform currently facing challenges, on account of debt owed by national electricity companies.”
He disclosed that ECOWAS had appointed Alhaji Aliko Dangote, its Pioneer Chairperson of the ECOWAS Business Council, in view of his vast experience in business within our sub-region and across Africa, to promote intra-regional trade and investment.
In her welcome remarks, Nigeria’s Minister of State for Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu, urged the ministers to come up with decisions that will help shape the recommendations to be submitted to the Authority of Heads of State and Government.
“We must remain steadfast in defending constitutional order, promoting inclusive political dialogue, and supporting credible transitions that reinforce stability.
“Our region’s future depends on deepening intra-regional trade, strengthening value chains, facilitating investments, and creating opportunities for the over 400 million people, especially young people of 25 years and below, who constitute about 65 per cent of the population.
“They no doubt rely on ECOWAS to chart a path toward progress; your deliberations over the course of this 95th Ordinary Session are, therefore, of utmost importance,” Odumegwu-Ojukwu said.
(NAN)
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